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The sanctions against Iran, which prevent any institution from trading with the country, mean that maritime insurers in London are unable to cover any tanker that is working with Iranian crude. This means that tankers transporting Iranian oil have been refused insurance, which has drastically affected Iran’s ability to export its product.
To get over this, large buyers such as India and Japan have been able to offer state-backed insurance to ships, however this is not a viable option to all importers of oil from Iran.
To help, Iran has started using its own supertankers to deliver to its customers. According to data acquired by Bloomberg, the very large crude carrier, The Brawny, left the Iranian port of Kharg Island yesterday on its way to South Korea. The tanker will carry around two million barrels of oil to a 395,000 barrel a day refinery operated by Hyundai Oilbank Co. in Daesan.
SK Innovation Co. also took delivery of a shipment from Iran just a few days ago.
By. Joao Peixe of Oilprice.com
Joao is a writer for Oilprice.com